Egypt's political future will largely depend on its economy, and its economic future will largely depend on help from other countries. To talk more about this, we reached Mohsin Khan. He's a senior fellow at the Rafik Hariri Center on the Middle East at the Atlantic Council. He's also the former Director of the Middle East Department at the International Monetary Fund. Good morning.
MOHSIN KHAN: Good morning.
MONTAGNE: What are Egypt's most immediate economic needs?
The International Monetary Fund has admitted "notable failures" in the Greek bailout, saying in a report Thursday that despite the steps Greece's recession and unemployment problem were more severe than anticipated.
The report said the program had succeeded in keeping Greece within the eurozone and mostly prevented the country's economic troubles from spilling over to the rest of the region. "However," it said:
Gas prices are displayed on a board at a Hess station in Hoboken, N.J., Sunday. Lower oil and gasoline prices are giving relief to consumers who recently seemed about to face the highest prices ever.
Credit CX Matiash / AP
Drivers will find this summer's gas prices are lower than last year's, the result of a spike in crude oil production. Government forecasters say a gallon of regular gasoline will cost about $3.50 this summer — a slide of more than 10 cents from last year.
The IMF says economic woes in places like Cyprus will tamp down global growth.
Credit Patrick Baz / AFP/Getty Images
The International Monetary Fund has lowered its projections for global economic growth, including in the United States, citing sharp cuts in government spending and the struggling eurozone.
The Washington, D.C.-based international lender's World Economic Outlook shaved its 2013 forecast to 3.3 percent from 3.5 percent. It also trimmed its projection for 2014 to 4 percent from 4.1 percent.
An Egyptian woman carries a cooking gas canister in Cairo on Tuesday. The government just raised the price of gas as part of an energy package needed to satisfy the conditions of a $4.8 billion IMF loan. Opponents say some of the conditions disproportionately hurt the poor.
Two years after the revolution, Egypt is in a deep economic crisis. It's running out of money to purchase crucial imports like wheat and fuel, both of which are subsidized by the government, and an infusion of cash is desperately needed.
While a delegation from the International Monetary Fund is in Cairo continuing negotiations on a $4.8 billion loan, Egyptians are strained by the rising costs of food — and the gas needed to cook it.